March 1, 2013 / 7:32 PM / in 5 years

Italy businessman interested in buying RCS MediaGroup magazines

MILAN, March 1 (Reuters) - Italian businessman Andrea Mastagni is interested in buying the 10 magazines the debt-laden publisher RCS MediaGroup has put up for sale to shore up its balance sheet, a source who has knowledge of talks between RCS and suitors told Reuters on Friday.

“Gsf, a company headed by Andrea Mastagni, will present an industrial plan for the 10 magazines next week,” the source said, adding that RCS MediaGroup is in talks with other suitors.

RCS MediaGroup, which owns the influential daily Il Corriere della Sera, announced in early February a large-scale restructuring that includes a capital increase and the sale of a wide range of assets.

The publisher recorded a net loss of 380.5 million euros in the first nine months of 2012. (Reporting by Claudia Cristoferi; writing by Francesca Landini; editing by Massimo Di Giorgio; Editing by Gary Hill)

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